Karnataka Bank stock gained 6 percent at Rs 89.25, continuing uptrend for seventh consecutive session. In last five trading sessions, the volume was remained above average volumes. It has a given a nice breakout of long downward sloping resistance trend line adjoining August 16, 2022 and April 8, 2019.
Sunil Shankar Matkar
September 20, 2022 / 06:14 AM IST
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$ (‘#vlmtxt_’+articleId).show(); $ (‘#stkvol_’+articleId).text(resData[stkKey][‘volume’]); $ (‘#td-low_’+articleId).text(resData[stkKey][‘daylow’]); $ (‘#td-high_’+articleId).text(resData[stkKey][‘dayhigh’]); $ (‘#rightcol_’+articleId).show(); }else{ $ (‘#volumetxt_’+articleId).hide(); $ (‘#vlmtxt_’+articleId).hide(); $ (‘#stkvol_’+articleId).text(”); $ (‘#td-low_’+articleId).text(”); $ (‘#td-high_’+articleId).text(”); $ (‘#rightcol_’+articleId).hide(); } $ (‘#stk-graph_’+articleId).attr(‘src’,’//appfeeds.moneycontrol.com/jsonapi/stocks/graph&format=json&watch_app=true&range=1d&type=area&ex=’+stockType+’&sc_id=’+stockId+’&width=157&height=100&source=web’); } } } }); } $ (‘.bseliveselectbox’).click(function(){ $ (‘.bselivelist’).show(); }); function bindClicksForDropdown(articleId){ $ (‘ul#stockwidgettabs_’+articleId+’ li’).click(function(){ stkId = jQuery.trim($ (this).find(‘a’).attr(‘stkid’)); $ (‘ul#stockwidgettabs_’+articleId+’ li’).find(‘a’).removeClass(‘active’); $ (this).find(‘a’).addClass(‘active’); stockWidget(‘N’,stkId,articleId); }); $ (‘#stk-b-‘+articleId).click(function(){ stkId = jQuery.trim($ (this).attr(‘stkId’)); stockWidget(‘B’,stkId,articleId); $ (‘.bselivelist’).hide(); }); $ (‘#stk-n-‘+articleId).click(function(){ stkId = jQuery.trim($ (this).attr(‘stkId’)); stockWidget(‘N’,stkId,articleId); $ (‘.bselivelist’).hide(); }); } $ (“.bselivelist”).focusout(function(){ $ (“.bselivelist”).hide(); //hide the results }); function bindMenuClicks(articleId){ $ (‘#watchlist-‘+articleId).click(function(){ var stkId = $ (this).attr(‘stkId’); overlayPopupWatchlist(0,2,1,stkId); }); $ (‘#portfolio-‘+articleId).click(function(){ var dispId = $ (this).attr(‘dispId’); pcSavePort(0,1,dispId); }); } $ (‘.mc-modal-close’).on(‘click’,function(){ $ (‘.mc-modal-wrap’).css(‘display’,’none’); $ (‘.mc-modal’).removeClass(‘success’); $ (‘.mc-modal’).removeClass(‘error’); }); function overlayPopupWatchlist(e, t, n,stkId) { $ (‘.srch_bx’).css(‘z-index’,’999′); typparam1 = n; if(readCookie(‘nnmc’)) { var lastRsrs =new Array(); 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alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }
The market on September 19 respected not only 17,500 but also 17,400 levels, taking support at August 30 gap on the Nifty and closed half a percent higher despite subdued Asian counterparts, snapping a three-day sharp weakness.
The Nifty50 has given a close above 17,600 mark, up 92 points at 17,622. If the index manages to take out the high of September 16 (17,820), then it can be ready to march towards psychological 18,000 mark once again, experts said.
The BSE Sensex jumped 300 points to 59,141, while the broader markets fail to outperform the frontline indices. The Nifty Midcap 100 index ended flat, and Smallcap 100 index declined nearly 1 percent.
Stocks that were in action included Escorts Kubota which was the third biggest gainer in the futures & options segment, rising 8 percent to end at record closing high of Rs 2,086 and formed large bullish candle which resembles Bullish Engulfing kind of pattern formation on the daily charts. Also it has a given a strong breakout of small downward sloping resistance trend line adjoining September 2 and September 16.
Meghmani Finechem witnessed huge buying interest, climbing 10 percent to end at record closing high of Rs 1,701, and formed robust bullish candlestick pattern on the daily charts with significantly high volumes, continuing higher high formation for third consecutive session.
Karnataka Bank stock gained 6 percent at Rs 89.25, continuing uptrend for seventh consecutive session. In last five trading sessions, the volume was remained above average volumes. It has a given a nice breakout of long downward sloping resistance trend line adjoining August 16, 2022 and April 8, 2019.
Here’s what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
Karnataka Bank
Prices of Karnataka Bank have been hovering in the broader range of Rs 50 – 80 level since January 2021, which indicated the pause from the prior up move from May 2020 level of Rs 35.
In the latest trading session prices have given a breakout from the Cup & Handle pattern, pointing towards the beginning of trend on the upside.
The breakout is confirmed by high volumes.
Prices have sustained above upper Bollinger band indicating rising volatility in the prices after breakout.
RSI (relative strength index) have shown a sharp rise which reflect the strong momentum in the prices.
We recommend traders and investors to buy this stock for the target of Rs 110 where the stop-loss must be placed at the level of Rs 80 on the closing basis.
Meghmani Finechem
Prices of MFL are moving in a bullish channel since March 2022, which tells that the overall trend is on the upside.
Prices while taking support of the channel have given a breakout from the rounding bottom pattern which indicates beginning of trend on the upside.
The breakout is followed by high volumes which shows that the demand is pushing the prices higher.
Bollinger band have started to expand which shows the rising volatility of the prices with the up move.
RSI on the daily timeframe have shown a range reflecting the rising momentum in the prices.
We advise traders and investors to buy this stock for the target of Rs 1,880 where stop-loss must be Rs 1,615 level on the closing basis.
Escorts Kubota
Escorts, around the level of Rs 1,456, the stock witnessed change in the polarity by its prices, which shows the bullish sentiment in the prices.
After the breakout of rounding bottom pattern on August 29, 2022, prices retested the neckline and have shown a bounce on the upside in the latest session.
The breakout was confirmed as it was accompanied by high volumes.
The Bollinger band have started to expand which tells that the volatility in the prices are rising for uptrend.
RSI plotted on the Daily as well as on weekly timeframe is above 50 mark indicating strong momentum in the price.
We recommend traders and investors to buy this stock for the target of Rs 2,300 with a stop-loss of Rs 1,950 on the closing basis.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
